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Moody's Reaffirms Oakland County's AAA Bond Rating: Oak Park Taxpayers Save Money

Public Date: 12/7/2011 12:00 AM
Contact: Bill Mullan, Media and Communications Officer
Phone Number: 248-858-1048

Pontiac, Michigan -- Oakland County's latest AAA bond rating from Moody's Investors Service this week will enhance the City of Oak Park's bottom line on $2.5 million Oakland County Building Authority Bonds to fund improvements on various municipal buildings. Oak Park taxpayers will receive the lowest possible market rates on the bonds because of the county's AAA rating.

"Oakland County shares its AAA rating with our communities so they can finance capital improvement projects at the lowest possible rates, especially in this challenging budgetary environment," said Oakland County Executive L. Brooks Patterson. "This latest AAA reflects the hard work of my Budget Task Force and our Management & Budget staff as well as the cooperation of the county's other elected officials."

Moody's continues to award Oakland County its highest bond rating in spite of southeast Michigan's economic challenges. It cited the county's three-year budget and history of prudent fiscal management:

"The county has a demonstrated history of budgeting conservatively, with year-end results varying positively from initial expectations. In addition, the county maintains a three-year budget, which enables management to identify potential challenges early on and to make necessary adjustments to remain in line with minimum financial reserve targets," Moody's said.

The Oakland County Building Authority Bonds, Series 2011 will go on sale December 15, 2011.

For media inquiries only, please contact Bill Mullan, Media and Communications Officer, at (248) 858-1048.